As you can imagine, Republicans are having some fun with this issue. Mitt Romney was subjected to a lot of class warfare demagoguery during the 2012 campaign because he had invested some of his wealth in a Cayman fund. GOPers are now hoisting Lew on a petard and grilling him about the obvious hypocrisy of a “progressive” utilizing—both personally and professionally—a jurisdiction that commits the unforgivable crime of not imposing income tax.

And what of Lew as treasury secretary? As I explained for Real News, he’s competent but misguided.

In other words, the chances of any good tax reform in the next four years are asymptotically approaching zero. Based on his background (and also based on the views of the president he’ll be serving), it’s virtually impossible to envision good entitlement reform, pro-growth tax reform, or any changes to fiscal policy that would lessen the likelihood of future Greek-style fiscal collapse (as amusingly illustrated by this cartoon).